Watch Next-THE BEST BANK ACCOUNTS FOR BEGINNERS AND TEENAGERS | https://youtu.be/DLUbqAdmn1E
HOW TO OPEN YOUR FIRST BANK ACCOUNT IN 2021 | https://youtu.be/EHuEd0mh7Bg
WHAT IS FINANCIAL LITERACY & WHY IS IT IMPORTANT | https://youtu.be/RXmUBSLO4i8

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How does it help your Credit? : 2:37
Opening up an account : 4:28
In a nutshell : 8:28

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Original Current Review HERE: www.youtube.com/watch?v=_VDttE4RStg &t=45s

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With your Current teen account, you’re going to have the financial freedom to do what you want with your money through your own debit card that you can use to spend both in-store and online. And while spending is all well and good and I totally understand that that’s really exciting as a teenager, you’re also going to learn some really important financial skills including how to save money, budget properly, and even how to make donating to your favorite charity part of your regular budget. And similar to the standard Current account, you’re going to have access to the really well designed Current app and can use tools like round-up features that will round up your purchases to the nearest whole dollar and automatically put that into your savings account as well as savings pods which allows you to essentially break up your main account into smaller groups and more effectively save towards your various financial goals.

Now let’s talk about the advantages for parents because there are plenty of them as well. First of all, by giving your teen the financial freedom to save, spend, and budget, you are essentially putting a large portion of that financial responsibility on them while still having the ability to keep an eye on them and make sure that they are staying on the right track financially. But this means that you no longer have to give them cash for different things and hope that you’ll get the change back because instead, you can instantly just transfer money directly into their account if you want to cover the cost of something or pay their allowance. And on that note, as we talked about from the team perspective, once you’ve linked your teens account to your main Current account, you’ll have the ability to assign them chores and how frequently they’re supposed to complete them and then of course pay their allowance if that is something that you want to take advantage of as a parent. But beyond that, you’re also able to monitor all of their spendings, set spending limits, get purchase notifications, and even block certain merchants if you know there are places that you don’t want them spending their money.

So at the time of recording this video, each teen account is just $36 per year which if you do the math on that, breaks down to just $3 per month. Now I completely understand that not everyone is going to be a big fan of that and you all know that I personally am not a fan of banking fees. However, as we’ve talked about in previous videos, typically the fees that drive me absolutely nuts are the ones that come out of nowhere like overdraft fees, minimum balance requirements, and all of that garbage and typically those come with accounts that have really basic features that don’t allow you to do any of the things that the Current account has. So yes, I completely understand that it would be wonderful to just get all of these great tools for free but at the end of the day, Current has to pay the bills too, and personally, for what you’re getting, $3 a month is basically the price of a cup of coffee and I think that that is a very low price to pay for teaching your child the very important lessons of financial responsibility.

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